banking & taxes - Americans & US "persons"

US Person: A person is considered a “US Person” if he or she is a US citizen (includes double nationality), has an American Green Card, or is for other reasons fiscally taxable in the USA.

BankingDue to stricter US Govt banking regulations, some banks no longer accept US persons as clients. Read more here.

UBSUS Persons living in the area are still accepted at UBS under certain conditions (eg, over $1million to invest). Call to make an appointment to discuss your details with one of the managers.

Institutions where you can bank

AMFIE: European Co-operative Association of International Civil ServantsCreated in 1990, AMFIE can propose a range of financial services, mainly with the purpose of safeguarding capital, at a reasonable cost and with a satisfactory yield. Check their website for membership information.

La Poste: A special arrangement has been made for "US persons" living in Switzerland to open a post account with the Swiss post office in the main building of CERN. A post account works like a banking account. They require your salary attestation.Contact Stéphane Baeriswyl, +41 22 782 71 54. Email :stephane.baeriswyl@poste.ch

US TaxAmericans living abroad are the only citizens who must pay taxes to their Government on money they earn abroad. For this reason we've included some links that will point you in the right direction (this is not to be considered as tax advice).

Stop Paying Withholding Tax

In order for your US employer to stop withholding tax from your salary (if qualified) fill out Form 673.

Filing Your Tax Forms

Filing a tax form each year is mandatory. The US is the only country in the world that taxes based on citizenship. All others tax based on residency (eg, if you work in France, you pay French tax).

Money earned abroad is considered as Foreign Earned Income. You do not pay tax on the total amount - some money is excluded ($102,100 for 2017).

You also need to file a FATCA form with your 1040, and a FBAR form. See instructions below.

Filing DeadlinesAmericans living overseas get an automatic 60 day extension to file your tax return - by 15 June. You may request an additional 60 day extension by filing Form 4868 (check the box on line 8) giving you until 15 August to mail them in.

​The Foreign Account Tax Compliance Act (FATCA) was passed in 2010 as part of the HIRE act. Starting in 2014, foreign financial institutions (FFI) such as your local bank, stock brokers, hedge funds, pension funds, insurance companies, trusts, etc. are now required by the US Government to report information regarding accounts of US "persons" (citizens and green card holders living in the USA or abroad) directly to the IRS.As of 1 July 2014, you are required to sign a letter of consent allowing your bank to send your banking information to the IRS.

Individual financial assets of more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year must be reported. Failure to report ownership of foreign bank accounts or foreign corporations can result in fines of $10,000 or more each year. Even foreign life insurance policies & mutual funds have to be reported. ​

To learn more about FATCA and how it might impact you, you can sign up for updates the IRS website or speak to your tax advisor for more information. ​The American advocacy group, American Citizens Abroad (ACA) keeps up with news and information on FATCA.

FBAR regulationsThe Banking Secrecy Act states that if you have a financial interest in or signature authority overmore than $10,000 in a foreign bank at any time during the year, you are required to file FinCEN Form 114 - Report of Foreign Bank and Financial Accounts (FBAR) with the IRS. The form is only available through the BSA E-Filing System website.

Click on the Prepare FBAR icon to download the form or fill it out online.

You will need to list the highest amount held in each account for each bank during the year.

The NEW deadline (beginning in 2017) is 15 April of each year. However, the IRS grants a automatic maximum 6 month extension. It must be filed by 15 October 2018.

To learn more about FBAR and how it might impact you, you can consult the IRS website or speak to your tax advisor for more information.​The American advocacy group, ​​American Citizens Abroad (ACA) keeps up with news and information on FBAR.

US Tax specialistsYou may want to hire a tax preparer at least the first year:

SwitzerlandIf you live in Switzerland you may get tax preparation and legal assistance from:

Embassy of the United States BernSulgeneckstrasse 19, 3007 Bern, Switzerland - +41 31 357 70 11General business hours: 9:00 am – 12:30 pm and 1:30 pm – 5:30 pmMonday through Friday; times may vary according to section. Closed on American and Swiss holidays